Daily NAPTA Update 9.26.2023

Posted by Diane Macri | Sep 27, 2023 | 0 Comments


SF Office Vacancy Could Rise as Pre-Pandemic Leases Expire
The Real Deal
San Francisco's office vacancy rate has hit new highs repeatedly this year with companies vacating or downsizing as their leases roll over. But pre-pandemic leases still account for about two-thirds of San Francisco's office square footage, according to data provided to TRD from brokerage Avison Young, indicating that there remains plenty of turnover ahead.


New report: Chicago by far the worst as distressed commercial real estate loans surge nationally
Wirepoints Quickpoint
The rate of distressed commercial real estate loans is surging nationally with Chicago the worst, having almost a quarter of its commercial real estate loans delinquent or troubled. Nationally, the rate of delinquent or specially serviced commercial mortgage-backed securities (CMBS) rose to 6.8 percent in August, up from 4.5 percent last June, the report says.


Kansas counties eager for lawmakers to resurrect property tax relief fund
The Iola Register
The Legislature's perennial failure to invest in lowering local property taxes left Miami County with a budget dilemma this year. The sheriff's office, competing with higher wages for law enforcement in the neighboring Kansas City metro area, was about 20 deputies short of a full staff. 


Ford 'pausing' construction of Marshall EV battery plant
Detroit News
Ford Motor Co. on Monday halted construction of a $3.5 billion electric vehicle battery plant project in the Marshall area amid months of battles with local residents, Republicans in Congress over its planned use of Chinese technology and an auto industry strike in its second week.


Hennepin County approves 6.5% property tax levy increase for next year
CBS Minnesota
If you live in Hennepin County, you may end up paying more in property taxes this coming year. The board voted to approve a $991.3 million maximum property tax levy for the 2024 county budget, which is a 6.5% raise from last year. The plan was proposed by the Hennepin County administrator, who hopes to use the money to invest in affordable housing and the county workforce.


Hilltop man's property tax projected to more than double if proposed school levy passes
Battling a lack of continuous substantial revenue after September of 2024, Columbus City Schools is asking voters to pass a new operating and capital improvements levy on the November ballot. While the district which serves 45,000 students says it will need the extra $100 million a year to keep counselors, educators and academic programs like career-ready courses, homeowners say they worry about getting taxed out of their homes.


South Texas county orders deleted delinquent taxes reinstated and paid, including sheriff's
Border Report
Leaders in this rural ranching border county on Monday ordered that over $100,000 in back property taxes that had been erased and forgiven by a previous tax assessor/collector be put back on the books and be paid in full. The Zapata County Commissioners' Court on Monday voted unanimously to order five entities or parties that owe a total of $104,412 in delinquent property taxes must pay their bills entirely. 

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